The new EU Payment Services Directive, more famously known as PSD2, became effective on 13 January 2018 and is designed to spur innovation and growth in digital payments, enhance user protection and security in online payment services, and promote greater competition in the payments market. PSD2 applies also to players other than Banks, known as Third-Party Providers, and defines their rights and obligations—including towards end users.
In short, the core principles of PSD2 are:
- transparency in payment services;
- security in transactions, strengthening the rights of users and introducing more stringent requirements for payment service providers;
- innovation in online payment services;
- increased competition among online payment service providers.
In accordance with PSD2, Cassa Lombarda is ready to share its data with Third-Party Providers.
Open Banking is the process through which banks share client data—safely and with prior approval—with third-party companies or suppliers through APIs (application programming interfaces), which allow software packages to communicate with each other in a consistent manner.
Effective 14 March 2019, Cassa Lombarda, as a provider of payment services with accounts accessible online, has been offering a testing environment for the interface dedicated to Third-Party Providers (SANDBOX) to connect through APIs to the banking services offered for the test.
The documents, which are technically compatible with the dedicated interface, are published by the multi-provider platform vendor Cedacri Group SpA and available online from the Portal for Third-Party Providers at https://developer.cedacri.it. There you will also find the specific APIs in YAML format and a tool, named sandbox, that allows Third-Party Providers to simulate online transactions to access the accounts.